Chim Pui-chung 'flagrantly disregarded' the interests of Mandarin Resources minority shareholders for the sake of profit, a court has been told. The former legislator's 'disreputable behaviour' has led to accusations including veiling activities, violating takeover and listing rules and breaching company and securities laws. The Securities and Futures Commission's bid to wind up Mandarin began with a portrayal of Chim as 'ignoring the basic principles of proper corporate behaviour'. Chim stormed out of the dock at one point, accusing the SFC of 'attacking me criminally'. He told the judge: 'When I'm interested again, I will come back.' Chim returned five minutes later. In the Court of First Instance, Philip Heslop QC opened the SFC's case by citing four transactions deemed detrimental to Mandarin minority shareholders. Some of the activities were also cited in a criminal case against Chim last year. The disposal in November 1992 by Mandarin of its interest in a Repulse Bay property to Lucky Man Properties for $120 million was 'grossly inadequate', Mr Heslop said. A 'circular movement of funds' ensued, as proceeds of the sales funded a Lucky Man rights issue, increasing Chim's stake in the company. Mr Heslop detailed the sale by Mandarin of a subsidiary in October 1991, purportedly for $20 million, but in fact for only $2 million, as the rest was returned to a company, Silver Mountain, used by Chim as a 'conduit'. Moreover, he cited the sale by Chim through a nominee of 4.5 million Lucky Man shares as detrimental. The evidence shows Chim 'flagrantly disregarded the interests of minority shareholders', Mr Heslop said, culminating in a 'clear pattern of unfair prejudicial conduct'. He cited 'repeated breaches of the relevant takeover codes in Hong Kong, the Hong Kong Stock Exchange listing rules and the relevant company and securities ordinances'. Chim 'repeatedly took steps to conceal or hide his activities, not only from the investing public, but from the regulators, particularly the SFC, especially after inquiries had begun', Mr Heslop said. As a result of his behaviour, the SFC alleges Chim made 'substantial profits'. Mr Heslop said a pattern emerged of 'disreputable behaviour by Mr Chim, ignoring basic principles of proper corporate behaviour'. The SFC filed to wind up Mandarin Resources - suspended since 1986 - three years ago.